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Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. \u201cThose numbers suggest that fewer people than ever are falling for cryptocurrency scams,\u201d the blockchain data analytics firm wrote.<\/strong>\n<\/p>\n \n The firm wrote that overall:\n<\/p>\n Illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes.<\/p>\n<\/blockquote>\n \n Furthermore, \u201cthe cumulative number of individual transfers to scams so far in 2022 is the lowest it\u2019s been in the past four years,\u201d the firm added.<\/p>\n Chainalysis detailed:\n<\/p>\n Those numbers suggest that fewer people than ever are falling for cryptocurrency scams. One reason for this could be that with asset prices falling, cryptocurrency scams \u2026 are less enticing to potential victims.<\/p>\n<\/blockquote>\n \n In addition, darknet market revenue is down significantly this year, and is currently 43% lower than where it was through July in 2021.<\/p>\n An area where illicit activity is increasing in 2022 is hacking and stolen funds. The blockchain analytics firm described:\n<\/p>\n Through July 2022, $1.9 billion worth of cryptocurrency has been stolen in hacks of services, compared to just under $1.2 billion at the same point in 2021.<\/p>\n<\/blockquote>\n \nData Shows Illicit Crypto Volumes Are Down<\/h2>\n
\nBlockchain data analytics firm Chainalysis published its mid-year crypto crime update titled \u201cIllicit Activity Falls With Rest of Market, With Some Notable Exceptions\u201d on Tuesday.<\/p>\n\n
\nSpecifically, \u201cTotal scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies,\u201d Chainalysis noted.<\/p>\n\n
\nThe firm noted that no scams identified in 2022 approached the level of Plustoken or Finiko. The former netted over $2 billion from victims in 2019 while the latter netted over $1.5 billion in 2021.<\/p>\n\n
\n\u201cThis trend doesn\u2019t appear set to reverse any time soon, with a $190 million hack of cross-chain bridge Nomad and $5 million hack of several Solana wallets already occurring in the first week of August,\u201d Chainalysis added. \u201cMuch of this can be attributed to the stunning rise in funds stolen from defi [decentralized finance] protocols, a trend that began in 2021.\u201d<\/p>\n